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Silver has been all over the place during the trading session on Wednesday in sharp contrast to Tuesday, which initially fell, but then turned around to see a lot of support. The Wednesday session looks like it's going to end up forming a bit of an inverted hammer, so we have competing candlesticks. It's because of this that Silver has caught my attention because a lot of times when you get two contradicting candlesticks, one after another, you are about to see a pretty explosive move.
In this environment, that certainly gets my attention. The $30 level underneath obviously is rather supportive. And therefore, I think that if we break down below the $30 level, that could kick off the next leg lower to at least the 200-day EMA, if not the $28.50 level.
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On the other hand, if we can break above the top of the candlestick for the trading session on Wednesday, then we could go testing the 50 day EMA, possibly even the $32.50 level, which would coincide with a continuation of the overall uptrend that we had seen until a couple of weeks ago.
The bond market is playing havoc with silver and pretty much everything else with higher interest rates in America, making the US dollar like a wrecking ball. The bond market has to get under control before we can start to see other assets such as silver , and other currencies for that matter, not called the US dollar, really start to take off. As things stand right now, I think we are in the midst of trying to find some type of bottoming pattern. The question now, of course, is can we get the proper momentum and confidence to stick with a move to the upside? That is presently what's going on in the silver market, and I suspect that the next couple of days will determine where we go next.
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